Financial Markets
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

Financial Market
 Search News  Or
U.S Fed Board approve ICBC’s 80% stake in US-based BEA

May. 11, 2012 (China Knowledge) – Industrial and Commercial Bank of China or ICBC<601398><1398>, the world's biggest lender by market value, announced it had received approval from The Board of Governors of the U.S. Federal Reserve System to acquire a 80% stake in East Asia Holding Inc., a wholly-owned subsidiary of Bank of East Asia headquartered in Hong Kong, sources reported.

The Chinese lender had inked an agreement with BEA and East Asia Holding Company Inc., on Jan. 21, 2011.

According to agreement, ICBC will pay US$140 million for the stake and become the controlling shareholder of East Asia Holding Inc.

The acquisition will further expand ICBC's retail banking business in U.S. and broaden its banking services, said Jiang Jianqing, Chairman of ICBC.

As China's largest bank, the total assets of ICBC stands at US$2.5 trillion. In the first quarter of this year, the lender saw its operation revenue increased 15.11% year-on-year to RMB 131.02 billion with a net profit of RMB 61.37 billion, up 14% year-on-year.

Add this     
Copyright © "2015"

Send feedback or comments to:

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services


 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved